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JEFJefferies Financial Group Inc.
$47.38$9.7B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
Live BreakoutsStock ScreenerOwnership
JEF logo

Jefferies Financial Group Inc.

JEF
NYSE · Investment Banks & Brokerages
$47.38
At close - Nov 6, 4:00 PM EST - USD
Market Cap$9.69B
P/E10.4x
52W High$66.60
Volume1.18M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q3

Structural Fee Reliance Masks Negative Spread Drag

Jefferies' franchise is a single-engine fee business, with non-interest income exceeding 100% of total revenue in eight of the last ten quarters (peaking at 155.2% in 2025Q1) while net interest income has posted nine consecutive negative quarters averaging roughly -$865M.

GrowthMixed
ProfitabilityModerate
ValuationAttractive
TechnicalsWeak
Explore valuation models
MARKET ACTION

JEF price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

5/12 Beats

EPS beat 5 of last 12 quarters

02

Valuation risk

-32% Peers

P/E is 32% below peer median

03

Market leadership

RS 51 · Avg

Average momentum (RS Rating: 51)

04

Weak Trend

Below 200DMA

Price < 200DMA

Next CatalystEstimated earnings · Dec 28
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue is entirely fee-dependent (fee % of 142-155% in recent quarters) because net interest income has run roughly -$850M to -$912M per quarter, leaving operating income highly volatile — from -$1.7B in 2025Q4 to $1.3B in 2024Q4.

Analyst Consensus+22.8% target
Hold(9 analysts)
3 Buy6 Hold0 Sell

The Bull Case

Upside Catalysts

Investment Banking Strength

Jefferies has experienced a significant recovery and record-breaking revenue in its investment banking division, driven by increased advisory fees, equity underwriting, and a healthy global deal pipeline for M&A and IPOs. The firm has capitalized on a rejuvenated Equity Capital Market, leading high-profile IPOs.

Undervalued Asset and Takeover Speculation

Jefferies' stock has experienced a significant decline, making it an attractive, undervalued target for larger financial institutions. Japan's Sumitomo Mitsui Financial Group (SMFG) has been increasing its stake in Jefferies and is reportedly considering a takeover bid, which has boosted the stock price.

Growth Potential and Strategic Moves

The company's recent acquisitions and platform growth are seen as drivers for future revenue. Jefferies has also been actively reshaping its capital structure through long-dated note offerings and share buybacks, while maintaining its dividend.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 11/8/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
JEF-23.45%
S&P 500 (^GSPC)+7.63%
1-Year Return
JEF-8.16%
S&P 500 (^GSPC)+9.69%
3-Year Return
JEF+50.74%
S&P 500 (^GSPC)+64.99%
5-Year Return
JEF+30.41%
S&P 500 (^GSPC)+53.45%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y Low
10.4x
Forward P/E
12.8x
EV/EBITDA80th %ile
8.8x
FCF YieldCash Flow
43.3%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
10.4x
20.3x
20th· Low
EV/EBITDA
8.8x
4.7x
80th· High
Price/FCF
2.3x
6.9x
0th· Low
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$37.07-21.8%
Base (Fair)$41.57-12.3%
Bull$48.40+2.2%
$37.07 Bear$41.57 Base$48.40 Bull
Current Market Price: $47.38
Trades at a 14.0% premium to Base DCF ($41.57)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue FY25
$7.34B+4.4% YoY
Net income FY25
$710M-4.4% YoY
Free cash flow FY25
-$1.71B-271.2% YoY
Operating margin FY25
9.3%-57.6 pts YoY
ROIC (FY25)1.6%
Avg ROIC 5Y8.6%
ROE (TTM)8.8%
Piotroski Score3 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate5/12 (42%)
Revenue Beat Rate11/12 (92%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q4 2026Latest
Sep 28, 2026
$1.08+8.0%
vs $1.00
$2.2B+1.2%
vs $2.2B
Q3 2026
Jun 24, 2026
$1.03-11.2%
vs $1.16
$2.2B-4.0%
vs $2.3B
Q2 2026
Mar 25, 2026
$0.72-19.5%
vs $0.89
$2.0B+1.8%
vs $2.0B
Q1 2026
Jan 7, 2026
$0.89+1.6%
vs $0.88
$2.1B+2.6%
vs $2.0B
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

4 Stories
247 Wallst·Oct 22, 2026
Netflix Viewing Time Drops an Estimated 26%. A Bored Retiree Trades the Couch for a $40,000 Job That Could Boost His Social Security

A retired 67-year-old trades the couch for a $40,000 job out of sheer boredom, and his decision quietly sets off a chain reaction inside Social Security that most retirees never think to check.

GuruFocus·Oct 20, 2026
Jefferies Jumps to No. 1 in the 2026 Extel All-America Research Survey for Total Ranked Analysts

Jefferies Financial Group Inc. (NYSE: JEF) today announced that it ranked No. 1 in the 2026 Extel All-America Research Survey (formerly Institutional Investor)

MarketBeat·Oct 19, 2026
Jefferies Eyes Mid-Teens Returns as Investment Banking Scale Drives Growth

Jefferies Financial Group NYSE: JEF used its Investor Day to emphasize the scale it has achieved in investment banking and capital markets, its plans to increase operating leverage and its expectation that asset management results will become more consistent following a planned Hildene transaction.

Seeking Alpha·Oct 19, 2026
Jefferies Financial Group Inc. (JEF) Analyst/Investor Day Transcript

Jefferies Financial Group Inc. (JEF) Analyst/Investor Day Transcript

Filtered for Jefferies Financial Group Inc.More Headlines
04

Compare before deciding

Benchmark JEF against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Jefferies Financial Group Inc. (JEF)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
JEF logoJEFJefferies Financial Group Inc.Current
$47.38$9.69B10.444.39%10.64%8.78%3.55%
GS logoGSThe Goldman Sachs Group, Inc.
$865.82$260.7B11.768.92%31.81%17.9%1.92%
MS logoMSMorgan Stanley
$181.44$286.18B13.8414.48%25.97%17.7%2.28%
EVR logoEVREvercore Inc.
$284.65$11.01B15.3029.41%15.73%34.34%1.14%
PJT logoPJTPJT Partners Inc.
$148.61$3.84B22.2114.77%10.5%19.27%0.58%
LAZ logoLAZLazard Inc
$38.31$3.73B22.253.36%5.65%18.96%4.58%

Compare JEF vs Peers

Jefferies Financial Group Inc. (JEF) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs GS

Most directly comparable listed peer for JEF.

Scale Benchmark

vs BAC

Larger-name benchmark to compare JEF against a more recognizable public peer.

Peer Set

Compare Top 5

vs GS, MS, EVR, PJT

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

JEF SEC Filings & Documents

Jefferies Financial Group Inc. (JEF) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Jun 24, 2026·SEC

Material company update

Apr 28, 2026·SEC

Material company update

Apr 24, 2026·SEC

10-Q Quarterly Reports

2
FY 2026

Oct 9, 2026·SEC

FY 2026

Apr 7, 2026·SEC

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JEF Frequently Asked Questions

Jefferies Financial Group Inc. (JEF) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
How fast is Jefferies Financial Group Inc. growing?

Jefferies Financial Group Inc. (JEF) grew revenue by 21.8% over the trailing twelve months, compared with the twelve months before.

Is JEF profitable?

Yes. Jefferies Financial Group Inc. (JEF) earned $936.6M in net income over the trailing twelve months (a 10.6% net margin).

Dividend & Returns
Does JEF pay dividends?

Yes. Jefferies Financial Group Inc. (JEF) pays a dividend that yields 3.55% at the current price, a moderate yield.

What is JEF's return on equity?

Jefferies Financial Group Inc. (JEF) had a return on equity (ROE) of 8.8% over the trailing twelve months. That is below the market's typical 10-15%.

Industry Metrics
What is Jefferies Financial Group Inc.'s net interest margin?

Jefferies Financial Group Inc. (JEF) has a net interest margin (NIM) of -4.6%. NIM has been under pressure due to interest rate environment.

What is Jefferies Financial Group Inc.'s efficiency ratio?

Jefferies Financial Group Inc. (JEF) has an efficiency ratio of 78.6%. This is higher than peers, suggesting room for cost optimization.

What if you invested $1,000 in JEF back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →